2010 Strategic Direction and Priorities

NAL’s strategic focus for 2010 will build on the Trust’s positive performance in 2009. The Trust plans to maintain its leadership position in the Cardium oil resource play in central Alberta, continue ongoing activity in the attractive Mississippian oil portfolio in SE Saskatchewan and invest in strategic gas opportunities on the Trust’s expanded land portfolio. The Trust also plans to divest approximately 500 boe/d of non-strategic assets designed to high grade its asset base.

NAL’s balance sheet strength and access to capital markets positions the Trust to take advantage of value adding acquisition opportunities in the future. The Trust’s credit facility has been confirmed at the existing level of $550 million for 2010.

The Trust currently has $430 million of safe harbour available for transactions before the end of 2010. Safe harbour restrictions were imposed as part of the Tax Fairness Plan announced on October 31, 2006.

On conversion from a trust to a corporation, NAL plans to convert to a dividend paying corporation in the fall of 2010. By itself, the change in structure from a trust to corporation, does not affect our business plan or our disciplined operational and financial focus.

Our 2010 Guidance is summarized as follows:

*Excluding property and corporate acquisitions & before AB drilling credits of $15MM

Forward Looking Information
Please refer to the disclaimer on forward-looking information set forth under the Management's Discussion and Analysis of our 2010 guidance press release. The disclaimer is applicable to all forward-looking information.

To download a pdf version of our 2010 guidance press release, click here.